Spot Bitcoin ETFs are starting operations in a new continent after the USA and Europe.

Australia will be the last continent where spot crypto ETFs will be traded, after spot #Bitcoin ETFs have appeared in Europe, the UK, the US and Asia. This development, which will enable Bitcoin trading to reach new global user bases, also had a positive impact on the cryptocurrency price.

While Bitcoin started the week with buyers, purchases started from the $ 67,000 region during Asian trading hours and continued throughout the day. When it came to US trading hours, the cryptocurrency rose to the $ 70,000 limit with a 3% increase in value.

Monochrome Asset Management will be the first company to issue a spot #BTC ETF with its IBTC product in Australia on June 4.

Although there are currently companies offering Bitcoin-based investment products in Australia, Monochrome Asset Management has the title of being the first company to receive a crypto asset license from Australian Financial Services (AFS) in 2021.

The #Bitcoin ETF, to be offered by Monochrome Asset Management, will track the CME CF Bitcoin Reference Rate index and thus offer direct investment in spot Bitcoin. Other equivalent investment products for institutional investment in Bitcoin in Australia consisted of ETFs and offshore Bitcoin products, which provide indirect investment in Bitcoin. However, companies offering these products have low transaction volumes because they do not offer investor protection as they are not covered by AFS licensing.
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